First Time home buyer in the market to purchase a home in WindermereFL?
First time home buyers often come in to speak to us about a home they want to purchase and experience many different feelings when the process starts. They feel overwhelmed, they do not understand the process, they feel excited and at times in the process will get frustrating with many set backs. Buyers get excited when they find the perfect home that is affordable and has a lot of charm.
Big Commitment of money and time
Owning a home is a big commitment and is a moment in time that you will look back to say that this was my big commitment, big moment in time to purchase your first home. This is when we become adults and transition into adulthood. This is the home you will stay in for a few years, possibly get married and start a family.
Long and tedious process
Buyers will need to get pre-qualified for a loan before their house hunting begins. They will need to know how much they need to put down and how much of a loan they will qualify for and ultimately the type of home they can afford to purchase. The process to search for a home is a long and tedious process. It takes a lot of time and effort to search for a home online and stay focused and in contact with your realtor. Identifying a home, getting the contract typed up and signed can cause stress. What do you offer on the property, will your offer be accepted or will it be outbid or turned down. When a contract is signed, the inspections are still looming, for a home inspection and termite inspection.
Big Learning Curve
First-time home buyers may feel like they know all about loan options and mortgage rates before meeting with their lender. When all of the numbers are in front of them and all of the answers are provided in real estate jargon, it can be mind-boggling. The choice of loan program can determine the next 30 years of a buyer’s monthly costs. It can be stressful to make such long-lasting decisions without clarity.
It’s important to ask questions and do research. Get advice from your realtor or your parents. There is a lot of information that you will need to learn and understand to get a great loan.
Studying To Catch Up
When your offer is accepted, you will hire an inspector to evaluate the condition of the home. Buyers are recommended to attend the home inspection and inspections can last several hours. The inspector references building codes or points out structural inaccuracies or deficiencies. After the inspection is completed, the buyer can decide whether he wants to proceed with the purchase or discuss with his realtor to negotiate a credit in purchase price. For first-time home buyers, this step can be well above their knowledge base. New homeowners rarely know how much it would cost to correct an electrical panel, fix some water damage or replace the roof. Buyers may find themselves studying that night to find out if the fixes are worth the trouble. Speak to your realtor and get advice on how to proceed. They have experience in getting you through this process. Re-sale are always the best way to go when purchasing your fist home. In todays market you will also have another alternative. Builders have adjusted their prices down and have great deals on new construction homes for the first time home buyer. Not only do you get a new home, but you also get a chance to customize and built the perfect home for your specific needs. Buliders have incentives on the front end from $5,000 to $10,000 to help you with your upgrades and many times help with the closing costs and add a few thousand dollars to help offset your costs.
5. Buyer’s Remorse
First-time home buyers may experience buyer’s remorse. Buyers go through such a long process of completing one step after another that their focus may not be on the final purchase until it’s complete. The size of the mortgage payment can be shocking and saving money for each payment can be stressful. Buying a home is a financially sound decision for their future.
The purchase of a home is the most expensive item in an individual’s lifetime; they are generally good decisions and sound investments. Stay focused and be persistent through the process. Do not be afraid to ask questions, of your realtor, family or friends. When the process is complete, be proud of what you accomplished, and understand what you have overcome. Not everyone is financially sound to purchase a home.
After the papers are signed, the money must be issued to the seller and the deed recorded before the purchase is final.
I am here to help you with your next First Time Home Buyer purchase. Call Damon Duvall at 407-864-4626 to start the process in Windermere Fl.